8 You have decided to refinance your mortgage. You plan to...
90.2K
Verified Solution
Link Copied!
Question
Finance
8
You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $2765, and you have made every payment on time. The original term of the mortgage was 30 years, and the mortgage is exactly 4 years and 8 months old. You have just made your monthly payment. The mortgage interest rate is 6.434% (APR with semi-annual compounding). How much do you owe on the mortgage today? (Note: Be careful not to round any intermediate steps less than six decimal places.) - The monthly discount rate is %. (Round to five decimal places.)
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
